15 unchanged sentences
Is suer Purchases of Securities
−Removed: Effective December 21, 2023, the Company's Board of Directors authorized a new share repurchase program that authorizes the Company to repurchase up to an aggregate of 265,763 shares, or 5%, of its then outstanding common stock.
−Removed: The program was in effect until December 31, 2024.
The following table sets forth information about the Company's purchases of its common stock during the three months ended December 31, 2025.
−Removed: There were no repurchases during the month ended December 31, 2024.
+Added: There were no repurchases during the months ended October 31 and November 30, 2025.
+Added: The repurchases for the month ended December 31, 2025 were as a result of taxes withheld on RSA grants vesting.
Total number of Shares Purchased
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As of December 31, 2025 , we had total assets of $266.6 million, including $128.6 million in net loans and $78.7 million of securities available for sale, total deposits of $181.5 million and total equity of $80.0 million.
−Removed: For the year ended December 31, 2024, we had a net loss of $789,000 compared to a net loss of $4.0 million for the year ended December 31, 2023 .
+Added: For the year ended December 31, 2025, we had a net loss of $386,000 compared to a net loss of $789,000 for the year ended December 31, 2024 .
Our results of operations depend, to a large extent, on net interest income, which is the difference between the income earned on our loan and investment portfolios and interest expense on deposits and borrowings.
2 unchanged sentences
Noninterest expense principally consists of compensation, office occupancy and equipment expense, data processing, advertising and business promotion and other expenses.
−Removed: We expect that our noninterest expenses will increase as we grow and expand our operations.
Our results of operations and financial condition are also significantly affected by general economic and competitive conditions, particularly changes in interest rates, changes in accounting guidance, government policies and actions of regulatory authorities.
12 unchanged sentences
Allowance for Credit Losses .
−Removed: On January 1, 2023, we adopted the new CECL accounting methodology which requires entities to estimate and recognize an allowance for lifetime expected credit losses for loans and other financial assets measured at amortized cost.
+Added: The Current Expected Credit Losses ("CECL") accounting methodology requires entities to estimate and recognize an allowance for lifetime expected credit losses for loans and other financial assets measured at amortized cost.
The accounting estimates relating to the allowance for credit losses is a “critical accounting policy” as:
18 unchanged sentences
Total Assets .
−Removed: Total assets increased $21.9 million to $278.7 million as of December 31, 2024 compared to $256.8 million at December 31, 2023.
−Removed: The increase was driven by an increase in loans, net, funded by an increase in time deposits and a reduction in securities available for sale due to maturities and principal payments of securities.
+Added: Total assets decreased $12.1 million to $266.6 million as of December 31, 2025 compared to $278.7 million at December 31, 2024.
+Added: The decrease was driven by a reduction in total deposits held at the bank, reducing cash and cash equivalents.
+Added: Additionally, loans, net decreased.
Cash and cash equivalents.
−Removed: Cash and cash equivalents increased $22.1 million to $53.5 million as of December 31, 2024, from $31.4 million at December 31, 2023.
−Removed: The increase in cash was driven by an increase in time deposits during the same period and principal payments received on securities available for sale.
−Removed: Additionally, the Bank sold $5.9 million of loans on December 30, 2024, resulting in an increase in cash held as of the end of the year.
−Removed: Currently, the Bank holds a majority of the cash on hand at the Federal Reserve Bank of Chicago, earning 4.40%, to keep the funds available to fund loan demand.
+Added: Cash and cash equivalents decreased $19.5 million to $34.0 million as of December 31, 2025, from $53.5 million at December 31, 2024.
+Added: The decrease was driven by a reduction in total deposits, as well as purchases of securities available-for-sale throughout the year ended December 31, 2025.
+Added: Additionally, the cash and cash equivalents balance at December 31, 2024 was higher due to timing of a loan sale, and cash coming in at the end of the year.
+Added: Currently, the Bank holds a majority of the cash on hand at the Federal Reserve Bank of Chicago to keep the funds available to fund loan demand.
Management continues to actively monitor our liquidity position on a daily basis and maintains levels of liquid assets deemed adequate.
Securities Available for Sale.
−Removed: Securities available-for-sale decreased to $71.2 million as of December 31, 2024, compared to $82.1 million at December 31, 2023.
−Removed: There were no purchases or sales of securities available-for-sale during the year ended December 31, 2024.
−Removed: During the year ended December 31, 2024, the Bank received principal payments of $5.5 million, had maturities of $4.3 million, had net premium amortization and discount accretion of $515,000 and had an increase in the unrealized loss on the portfolio of $535,000.
+Added: Securities available-for-sale increased to $78.7 million as of December 31, 2025, compared to $71.2 million at December 31, 2024.
+Added: The Bank purchased $10.8 million of securities available-for-sale during the year ended December 31, 2025.
+Added: There were no sales of securities available-for-sale during the year ended December 31, 2025.
+Added: During the year ended December 31, 2025, the Bank received principal payments of $5.8 million, had maturities of $1.1 million, had net premium amortization and discount accretion of $461,000 and had a decrease in the unrealized loss on the portfolio of $4.0 million.
+Added: During the year the Bank purchased U.S.
+Added: Treasury securities to replace the previously matured securities.
As of December 31, 2025, the securities available for sale portfolio included an unrealized loss position of $8.1 million, or 9.3% of the total book value of the portfolio.
2 unchanged sentences
Loans held for sale.
−Removed: Our loans held for sale increased $838,000 to $1.2 million at December 31, 2024 compared to $380,000 at December 31, 2023.
−Removed: With the addition of Oak Leaf Community Mortgage during the late third and early fourth quarters of 2023, and the related increase in loan originations, management has increased the proportion of loan originations held for sale to the secondary market.
−Removed: During the year ended December 31, 2024, the Bank originated $45.6 million in loans held for sale.
−Removed: Our loans, net, increased by $9.8 million to $130.4 million at December 31, 2024 compared to $120.6 million at December 31, 2023.
+Added: Our loans held for sale increased $3.3 million to $4.5 million at December 31, 2025 compared to $1.2 million at December 31, 2024.
+Added: During the year ended December 31, 2025, the Bank originated $70.9 million in loans held for sale, transferred $7.8 million in loans to held for sale from the portfolio, and sold $75.5 million in loans held for sale.
+Added: Our loans, net, decreased by $1.8 million to $128.6 million at December 31, 2025 compared to $130.4 million at December 31, 2024.
The Bank originated $36.5 million in loans to be held in the portfolio during the year ended December 31, 2025 and had loan principal payments and payoffs and changes to deferred fees and costs of $30.5 million.
−Removed: In an effort to continue to grow loan originations, the Bank hired three additional mortgage loan originators during the year ended December 31, 2024.
+Added: In an effort to continue to grow loan originations, the Bank hired two additional mortgage loan originators during the year ended December 31, 2025.
The Bank sold $7.8 million in loans that were originally held in the portfolio to local community banks.
−Removed: As of December 31, 2024, the allowance for credit losses on loans (“ACL”) totaled $1.2 million, an increase of $25,000 compared to December 31, 2023.
−Removed: The increase in the ACL is driven by an increase in the portfolio loan balances, partially offset by a reduction in proxy expected lifetime loss rates due to high credit quality of the portfolio and positive economic factors such as a lower inflation rate and stable unemployment rates.
−Removed: As of December 31, 2024, there were no loans individually assessed and no loans were rated substandard or watch.
−Removed: As of December 31, 2024, the Bank has no non-accrual loans and two loans past due greater than 30 days.
+Added: As of December 31, 2025, the allowance for credit losses on loans (“ACL”) totaled $1.1 million, a decrease of $73,000 compared to December 31, 2024.
+Added: The decrease in the ACL is driven by a decrease in the portfolio loan balances and a reduction in proxy expected lifetime loss rates due to high credit quality of the portfolio and positive economic factors such as a stable inflation and unemployment rates.
+Added: As of December 31, 2025, there were two loans individually assessed, both of which had no allowance for credit losses.
+Added: As of December 31, 2025, the Bank has two non-accrual loans and two loans past due greater than 30 days.
The Bank actively monitors the loan portfolio for signs of weakening credit quality, noting as of December 31, 2025 the portfolio remains of high quality with limited credit concerns.
−Removed: Total deposits increased $21.4 million to $190.2 million at December 31, 2024 compared to $168.8 million at December 31, 2023.
−Removed: The increase in deposits is primarily within the time deposit accounts as the Bank continued to offer a competitive CD special during the year ended December 31, 2024.
−Removed: Based on current offering rates in our market area and our current deposit pricing strategy, as well as our strong historical deposit retention, management anticipates that a significant portion of maturing time deposits will be retained.
+Added: Total deposits decreased $8.7 million to $181.5 million at December 31, 2025 compared to $190.2 million at December 31, 2024.
+Added: $3.3 million of the decrease was the result of maturities of time deposits that did not renew at the then offered rate.
+Added: During the year ended December 31, 2025, the Bank saw increased competition in the time deposit market, primarily stemming from specials offered by credit unions in the market area.
+Added: Additionally, money market and savings accounts decreased $3.2 million and $2.9 million, respectively during the year ended December 31, 2025.
+Added: A portion of this decrease was driven by one large estate account that moved money in 2025, due to distributions of the estate.
+Added: Non-interest bearing checking accounts increased $1.4 million for the year ended December 31, 2025.
+Added: Based on current offering rates in our market area and our current deposit pricing strategy, as well as our strong historical deposit retention, management anticipates that a portion of the maturing time deposits will not renew, however a significant portion of maturing time deposits will be retained.
Management continues to actively monitor the deposit balances and interest rates offered to maintain an adequate level of liquidity.
Other Borrowings.
−Removed: As of December 31, 2024, the Bank has $5.0 million in outstanding advances from FHLB Chicago with a term of 24 months at 4.78%, that is scheduled to mature in June 2025.
−Removed: No additional borrowings were made during the year ended December 31, 2024.
+Added: As of December 31, 2025, the Bank has no outstanding advances from FHLB Chicago, nor any additional borrowings outstanding.
+Added: The Bank paid off the advance from FHLB Chicago totaling $5.0 million, in June 2025 that was outstanding as of December 31, 2024.
Total Equity.
−Removed: Total equity decreased $1.0 million to $76.5 million at December 31, 2024.
−Removed: The decrease is primarily due to an increase in the unrealized loss position on the securities available-for-sale portfolio, a reduction in retained earnings due to a net loss during the year and an increase in treasury stock as a result of stock repurchases completed during the year ended December 31, 2024.
+Added: Total equity increased $3.5 million to $80.0 million at December 31, 2025.
+Added: The increase is primarily due to a decrease in the unrealized loss position on the securities available-for-sale portfolio and an increase in additional paid-in capital as stock compensation continues to vest.
+Added: These increases were offset by a decrease in retained earnings as a result of a net loss during the year.
Average Balances, Net Interest Income, and Yields Earned and Rates Paid .
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Comparison of Operating Results for the Years Ended December 31, 2025 and 2024
−Removed: For the year ended December 31, 2024, we had a net loss of $789,000, compared to a net loss of $4.0 million for the year ended December 31, 2023.
−Removed: The decrease in net loss for the year-ended December 31, 2024 is primarily due to a loss on sale of securities and a valuation allowance on the deferred tax assets recognized in 2023 which did not occur in 2024.
−Removed: Additionally, net interest income after provision for credit losses increased $946,000, and the gain on sale of loans increased $1.2 million for the year ended December 31, 2024 compared to the year ended December 31, 2023.
−Removed: However, the increase in noninterest expenses of $1.9 million during year ended December 31, 2024 compared to December 31, 2023 partially offsets the decrease in net loss.
+Added: For the year ended December 31, 2025, we had a net loss of $386,000, compared to a net loss of $789,000 for the year ended December 31, 2024.
+Added: The decrease in net loss for the year-ended December 31, 2025 is primarily attributable to an increase in net interest income, an increase in noninterest income, and a reversal of provision for credit losses.
Net Interest Income.
Net interest income increased $402,000, to $7.5 million for year ended December 31, 2025 compared to $7.1 million for the year ended December 31, 2024.
−Removed: Our interest rate spread decreased to 2.29% for the year ended December 31, 2024 from 2.33% for the year ended December 31, 2023.
+Added: Our interest rate spread increased to 2.31% for the year ended December 31, 2025 from 2.29% for the year ended December 31, 2024.
Our net interest margin increased to 2.91% for the year ended December 31, 2025 compared to 2.86% for the year ended December 31, 2024.
−Removed: The decrease in interest rate spread is driven by an increased average balance of higher earning interest-bearing liabilities, specifically interest-bearing deposits, as a percentage of total assets.
−Removed: The increase in the interest margin is driven by an increase in yields earned on loans and interest-bearing deposits in other banks.
+Added: The increases are driven by an increase in yields earned on loans, driving an overall increase in yields on interest-earning assets.
Average interest-earning assets of $256.8 million for the year ended December 31, 2025 increased $9.6 million compared to $247.2 million for the year ended December 31, 2024.
2 unchanged sentences
Additionally, the average yield earned on those loans outstanding increased 36 basis points to 5.45% for the year ended December 31, 2025.
−Removed: This increase is a result of an overall increase in market rates on mortgage loans originated during 2024, as well as increased loan demand for specialty portfolio products which are originated at higher interest rates and with additional origination fees.
+Added: This increase is a result of an increased loan demand for specialty portfolio products which are originated at higher interest rates and with additional origination fees.
The cost of interest-bearing liabilities increased 9 basis points for the year ended December 31, 2025 compared to the year ended December 31, 2024.
−Removed: The net increase in our funding costs was primarily due to an increase in rates offered on time deposit accounts to remain competitive with the local market.
+Added: The net increase in our funding costs was primarily due to a shift in our deposit balances, with an increased percentage of the total portfolio being related to higher-rate time deposits compared to core deposits.
Provision for Credit Losses.
−Removed: During the year ended December 31, 2024, we recorded a provision for credit losses of $71,000, comprised of $25,000 provision for credit losses on loans and $46,000 provision for credit losses related to unfunded commitments.
+Added: During the year ended December 31, 2025, we recorded a reversal of provision for credit losses of $(192,000), comprised of $(172,000) reversal of provision for credit losses on loans and $(20,000) reversal provision for credit losses related to unfunded commitments.
We will continue to assess and evaluate the estimated future credit loss impact of current market conditions in subsequent reporting periods, which will be highly dependent on credit quality, macroeconomic forecasts and conditions, as well as the composition of our loan and available-for-sale securities portfolios.
5 unchanged sentences
Gain on sale of mortgage loans
−Removed: Loss on sale of securities
Rental income on office building
2 unchanged sentences
Total noninterest income
−Removed: For the year ended December 31, 2024 compared to the same period ended December 31, 2023, noninterest income increased $3.1 million to $1.9 million.
−Removed: The increase was driven by an increase in the gain on sale of mortgage loans and no loss on sale of securities during the year ended December 31, 2024.
−Removed: Gain on sale of mortgage loans increased $1.2 million, from $32,000 to $1.2 million for the year ended December 31, 2024 compared to the year ended December 31, 2023.
+Added: For the year ended December 31, 2025 compared to the same period ended December 31, 2024, noninterest income increased $331,000 to $2.3 million.
+Added: The increase was driven by an increase in the gain on sale of mortgage loans.
The increase in gain on sale of mortgages was primarily the result of an overall increase in total mortgage loans originated during the period.
During the year ended December 31, 2025, we sold 244 loans totaling $75.5 million for a gain on sale of $1.6 million.
−Removed: Included in the number and amount of loans sold during the period were loans sold that were originated as held for investment, but subsequently sold to local community banks, totaling $8.4 million, for a total gain on sale of $352,000.
−Removed: Management continues to look for opportunities and markets to sell loans as we continue to see increased loan production compared to prior years.
+Added: During the year ended December 31, 2024, we sold 199 loans totaling $53.1 million for a gain on sale of $1.2 million.
+Added: Included in the number and amount of loans sold during the periods were loans sold that were originated as held for investment, but subsequently sold to local community banks, totaling $7.8 million, for a total gain on sale of $321,000, and $8.4 million, for a total gain on sale of $352,000, for the years ended December 31, 2025 and 2024, respectively.
Noninterest Expense .
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Total noninterest expense
−Removed: Noninterest expenses increased $1.8 million for the year ended December 31, 2024, compared to the year ended December 31, 2023.
+Added: Noninterest expenses increased $593,000 for the year ended December 31, 2025, compared to the year ended December 31, 2024.
The increase in noninterest expenses was primarily driven by increases in salaries and employee benefits.
The average number of employees increased to 51 for the year ended December 31, 2025 compared to 50 for the year ended December 31, 2024.
−Removed: The increase in headcount is based on the addition of the Oak Leaf Community Mortgage team brought on during the fourth quarter of 2023 as well as additional hires during 2024 to supplement the lending team as operations continue to expand.
−Removed: Additionally, the Company implemented the 2023 Equity Incentive Plan on June 15, 2023, and began recognizing expenses associated with this plan in June 2023, as such expenses were higher for the year ended 2024 compared to 2023.
−Removed: Marketing and advertising costs increased during 2024 as a result of an increased focus on lending operations and related marketing to our new lending area, Will County, Illinois.
+Added: The increase in salaries and employee benefits primarily stemmed from a 4% increase in salaries recognized during the year.
+Added: Additionally, the Bank was able to defer more compensation expense related to loan originations for the year ended December 31, 2024 due to a larger number of loans originated for the loan portfolio.
+Added: These costs are then amortized as a yield adjustment over the life of the loans.
+Added: The Bank recognized an 11% increase in employee health insurance costs during the year as well as a 15% increase in 401K employer contributions.
+Added: We believe that our ability to attract and retain top quality employees is a key to our future success.
+Added: We continue to elevate individuals from within the organization into new roles.
+Added: Marketing and advertising costs decreased during 2025 as a result of marketing initiatives in 2024 that did not continue into 2025.
Data processing expenses increased as we have continued to invest in systems and processes to improve the lending experience for our customers as well as implement efficiencies within our internal processes.
−Removed: Additionally, certain data processing expenses are based on per employee costs, which increased due to an increase in headcount.
Loan expenses increased as a result of an increase in loan originations during the year.
−Removed: Equipment and occupancy costs increased as a result of two additional loan production office rental agreements in place during 2024 that were not in place during the first nine months of 2023.
−Removed: Management intends to continue to invest in the people and processes in place to achieve efficiencies as loan production continues to grow.
+Added: Equipment and occupancy costs increased as a result of various maintenance projects that were completed in 2025 for the three full service branches.
Provision for Income Tax Expense.
During the year ended December 31, 2025, the Bank recorded no income tax expense.
−Removed: The change in valuation allowance of $389,000 was offset by an equal deferred tax benefit.
+Added: The increase in valuation allowance of $196,000 was offset by an equal deferred tax benefit.
Federal net operating losses as of December 31, 2025 are $7.4 million, of which $1.3 million is subject to expire in 2027, the remainder does not expire.
+Added: State net operating losses as of December 31, 2025 are $6.1 million and will begin expiring in 2026.
During the year ended December 31, 2025, management assessed the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing net operating losses.
1 unchanged sentence
Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth.
−Removed: On the basis of this evaluation, as of December 31, 2024, a full valuation allowance of $2.5 million, against the net deferred tax assets has been recorded.
−Removed: Additionally, due to the uncertainty that the Bank will be able to generate future state taxable income sufficient to utilize the net operating loss carryforwards, a full valuation allowance of $515,000 has been recorded on the related deferred tax asset.
+Added: On the basis of this evaluation, as of December 31, 2025, a valuation allowance of $3.2 million, against the net deferred tax assets has been recorded.
There were no uncertain tax positions outstanding as of December 31, 2025 and 2024 .
44 unchanged sentences
cash flows from operating activities, investing activities, and financing activities.
−Removed: Net cash provided by operating activities was $9.4 million and $431,000 for the years ended December 31, 2024 and 2023 , respectively.
−Removed: Net cash (used in) or provided by investing activities, which consists primarily of net change in loans receivable and net change in investment securities, was $(8.2) million and $25.0 million for the years ended December 31, 2024 and 2023 , respectively.
−Removed: Net cash provided by (used in) financing activities, consisting primarily of the activity in deposit accounts and FHLB of Chicago advances, was $20.8 million and $(7.1) million for the years ended December 31, 2024 and 2023 , respectively.
+Added: Net cash provided by operating activities was $4.1 million and $9.4 million for the years ended December 31, 2025 and 2024 , respectively.
+Added: Net cash used in investing activities, which consists primarily of net change in loans receivable and net change in investment securities, was $9.8 million and $8.2 million for the years ended December 31, 2025 and 2024 , respectively.
+Added: Net cash (used in) provided by financing activities, consisting primarily of the activity in deposit accounts and FHLB of Chicago advances, was $(13.7) million and $20.8 million for the years ended December 31, 2025 and 2024 , respectively.
We are committed to maintaining a strong liquidity position.
6 unchanged sentences
As of December 31, 2025 , North Shore Trust and Savings was well capitalized under the regulatory framework for prompt corrective action.
−Removed: During the year ended December 31, 2020, North Shore Trust and Savings elected to begin using the CBLR.
−Removed: Under CBLR, if a qualifying depository institution or depository institution holding company elects to use such measure, such institution or holding company will be considered well capitalized if its ratio of Tier 1 capital to average total consolidated assets (i.e., leverage ratio) exceeds 9%, subject to a limited two quarter grace period, during which the leverage ratio cannot go 100 basis points below the then applicable threshold, and will not be required to calculate and report risk-based capital ratios.
North Shore Trust and Savings’ Tier 1 capital to Average Assets was 24.32% and 23.53% at December 31, 2025 and 2024 , respectively.
26 unchanged sentences
Current Accounting Developments
−Removed: In March 2024, the FASB issued ASU No.
−Removed: 2024-01, “Compensation—Stock Compensation (Topic 718):
−Removed: Scope Applications of Profits Interests and Similar Awards” (ASU 2024-01).
−Removed: ASU 2024-01 adds an example to Topic 718 which illustrates how to apply the scope guidance to determine whether profits interests and similar awards should be accounted for as share-based payment arrangements under Topic 718 or under other U.S.
−Removed: ASU 2024-01 is effective for annual periods beginning after December 15, 2025, although early adoption is permitted.
−Removed: Upon adoption, ASU 2024-01 is not expected to have an impact on the Company’s consolidated balance sheets or consolidated statements of income.
−Removed: On November 27, 2023, the FASB issued ASU 2023-07, "Segment Reporting (ASC 280):
−Removed: Improvements to Reportable Segment Disclosures", intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.
−Removed: Provisions in the amendment include:
−Removed: (1) Requirement that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss (collectively referred to as the "significant expense principle");
−Removed: (2) Requirement that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition.
−Removed: The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss;
−Removed: (3) Requirement that a public entity provide all annual disclosures about a reportable segment's profit or loss and assets currently required by ASC 280 in interim periods;
−Removed: (4) Clarification that if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit.
−Removed: However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity's consolidated financial statements;
−Removed: (5) Requirement that a public entity disclose the title and position of the CODM and explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources;
−Removed: and (6) Requirement that a public entity that has a single reportable segment provide all the disclosures by the amendments in the update and all existing segment disclosures in ASC 280.
−Removed: The amendments in the update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.
−Removed: For public business entities, amendments in the update should be applied retrospectively to all periods presented in the financial statements, and upon transition the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption.
−Removed: The Company adopted this standard effective January 1, 2024, and did not have a material impact on the consolidated financial statements.
On December 14, 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740):
6 unchanged sentences
The ASU is effective for public business entities for annual periods beginning after December 15, 2024.
−Removed: Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance.
−Removed: The amendments should be applied on a prospective basis.
−Removed: Retrospective application is permitted.
−Removed: The Company will adopt this ASU for the reporting period beginning January 1, 2025, and does not expect the amendments to have a material impact to the financial statements of the Company.
+Added: The Company adopted this standard effective for its fiscal year ended December 31, 2025, and did not have a material impact on the consolidated financial statements.
+Added: In March 2024, the FASB issued ASU No.
+Added: 2024-01, “Compensation—Stock Compensation (Topic 718):
+Added: Scope Applications of Profits Interests and Similar Awards” (ASU 2024-01).
+Added: ASU 2024-01 adds an example to Topic 718 which illustrates how to apply the scope guidance to determine whether profits interests and similar awards should be accounted for as share-based payment arrangements under Topic 718 or under other U.S.
+Added: ASU 2024-01 is effective for annual periods beginning after December 15, 2025, although early adoption is permitted.
+Added: Upon adoption, ASU 2024-01 is not expected to have an impact on the Company’s consolidated balance sheets or consolidated statements of operations.
+Added: In November 2024, the FASB issued ASU No.
+Added: 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40).”The pronouncement requires public entities to disclose additional information about specific expense categories in the notes to the financial statements.
+Added: The guidance is effective for public business entities for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.
+Added: Early adoption is permitted.
+Added: The Company is assessing ASU 2024-03 and its impact on its Consolidated Financial Statements and disclosures, and does not expect the amendments to have a material impact to the annual financial statements of the Company.
Quantitative and Qualitative Disclosures About Market Risk
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.